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Bitcoin Rises Above $61,000 as Weak U.S. Jobs Data Cools Fed Rate Hike Bets
Bitcoin rallied on Thursday, briefly topping $62,000, as a surprisingly weak U.S. jobs report eased investor concerns about further interest rate hikes from the Federal Reserve. The leading cryptocurrency was last trading up 2.2% at $61,416.6, providing some relief after a prolonged market downturn.
Labor Market Cools Significantly
The catalyst for the move was the latest U.S. nonfarm payrolls report, which showed the economy added just 57,000 jobs in June. This figure was well below economists' forecasts of 115,000 and a marked slowdown from the revised 129,000 jobs added in May, according to the data.
The softer labor market reading complicates the Federal Reserve's economic assessment and reduces the immediate pressure on the central bank to pursue aggressive monetary tightening. Lower borrowing costs are generally considered supportive for speculative, high-growth assets like cryptocurrencies.
Market Impact and Fed Outlook
Following the data release, traders adjusted their expectations for future Fed policy. According to the CME Group’s FedWatch tool, markets priced out the probability of an interest rate increase in September. This shift in sentiment provided a tailwind for risk assets, which have struggled under the weight of persistent inflation and rising rates.
AdDespite the day's gains, the broader crypto market remains under pressure. Bitcoin recorded a decline of more than 30% in the first six months of 2026, weighed down by persistent outflows from U.S. spot exchange-traded funds (ETFs), a lack of progress on U.S. crypto legislation, and general risk-off sentiment.
Altcoins Join the Rebound
Other major cryptocurrencies also advanced on the back of the macroeconomic news. The broader market rally included notable gains for several altcoins:
- Ethereum (ETH), the second-largest cryptocurrency, climbed 5.1% to $1,699.19.
- XRP gained 2.3% to trade at $1.0820.
- Solana (SOL) and Cardano (ADA) also posted gains of 4.7% and 5%, respectively.